AUDUSD Upward Sloping Flag Could Spell Trouble for Longs

The only thing worse for longs than a rising wedge is an upward sloping flag. Don’t get me wrong. Ascending and descending channels form all the time in trending markets. It’s when they occur after an extended move up or down and in the direction of the prevailing trend that you need to be extra careful when setting expectations. AUDUSD certainly fits that description as the pair has now gained 900 pips since the January low at 0.6830. What’s more is that we haven’t seen much in the way of a pullback to support since the Australian dollar began its ascent nearly three months ago. But it isn’t just the upward tilt to ... READ MORE